| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 71st | Best |
| Demographics | 80th | Best |
| Amenities | 93rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 300 8th St N, Saint Petersburg, FL, 33701, US |
| Region / Metro | Saint Petersburg |
| Year of Construction | 2011 |
| Units | 68 |
| Transaction Date | 2005-01-31 |
| Transaction Price | $133,000 |
| Buyer | PINELLAS COUNTY HOUSING AUTHORITY |
| Seller | PORTLAND PROPERTY LLC |
300 8th St N St. Petersburg Multifamily Investment
Urban-core positioning supports durable renter demand and pricing potential, according to WDSuite’s CRE market data, with newer product competing well against older neighborhood stock.
Located in Saint Petersburg’s Urban Core, the property sits in a neighborhood rated A+ and ranked 4th among 710 metro neighborhoods, indicating strong fundamentals relative to the Tampa–St. Petersburg–Clearwater market. The area’s amenity access is a clear strength: restaurants and parks rank competitive among metro neighborhoods and land in the top quartile nationally, reinforcing lifestyle appeal and leasing velocity for well-located multifamily.
This submarket skews toward renters, with a higher share of housing units that are renter-occupied (top quartile nationally), which points to a deeper tenant base and supports demand for professionally managed apartments. At the same time, reported neighborhood occupancy trends sit below national norms; investors should underwrite leasing and renewal assumptions conservatively and lean on product differentiation and operations to sustain performance. These occupancy metrics are measured for the neighborhood, not the property.
Home values in the neighborhood are elevated relative to incomes and rank near the top nationally, creating a high-cost ownership market that tends to sustain reliance on rental housing and can support pricing power for quality assets. Rents have also risen rapidly over the past five years, per WDSuite’s CRE market data, which underscores demand but raises affordability management considerations for lease renewals.
The asset’s 2011 vintage is newer than the neighborhood’s average construction year, offering a competitive edge versus older inventory. That said, systems are approaching mid-life, so investors should plan for targeted modernization or value-add improvements to sharpen positioning as new deliveries and renovated peers compete for tenants.
Within a 3-mile radius, demographics show steady population and household growth with forecasts pointing to further increases by 2028. A gradual reduction in average household size and a rising share of higher-income households expand the renter pool and support occupancy stability for well-managed communities.
As an Urban Core location, the neighborhood records higher crime levels than many parts of the Tampa–St. Petersburg–Clearwater metro, ranking 420th out of 710 neighborhoods (below metro average). Nationally, this places the area below midpack for safety. Recent trend data from WDSuite indicates year-over-year declines in both property and violent incidents, suggesting conditions have been improving, though investors should still incorporate prudent security and resident-experience measures.
Proximity to major corporate employers supports a steady workforce renter base and commute convenience for residents. Key nearby employers include Jabil Circuit, Raymond James Financial, Tech Data, and Wellcare Health Plans.
- Jabil Circuit — electronics manufacturing services (6.3 miles) — HQ
- Raymond James Financial — financial services (7.8 miles) — HQ
- Tech Data — IT distribution (10.5 miles) — HQ
- Wellcare Health Plans — healthcare services (18.7 miles) — HQ
300 8th St N offers a downtown Saint Petersburg location with strong lifestyle drivers, elevated ownership costs that reinforce multifamily demand, and a renter-leaning neighborhood profile. Based on commercial real estate analysis from WDSuite, neighborhood NOI per unit trends are competitive among metro peers, while amenity density and proximity to major employers help support leasing and retention. The 2011 vintage positions the asset ahead of older local stock, with potential to extract additional value through selective modernization as systems reach mid-life.
Investor focus should include affordability and lease management: rents have grown rapidly in recent years and the neighborhood’s rent-to-income dynamics warrant careful renewal strategies. Reported neighborhood occupancy is below national norms, so underwriting should emphasize operational execution, marketing, and product differentiation to maintain absorption and stabilize turnover. Within a 3-mile radius, forecasts point to growth in population and households by 2028, expanding the tenant base and supporting longer-term demand.
- Newer 2011 vintage versus older neighborhood stock, with targeted modernization upside
- High-cost ownership market supports sustained renter reliance and pricing power potential
- Amenity-rich downtown location and proximity to anchor employers aid leasing and retention
- 3-mile population and household growth expands the tenant base over the medium term
- Risk: below-average neighborhood occupancy and urban-core safety require hands-on operations and prudent underwriting